Dubai’s real estate market has shattered records in 2024, setting new highs in both transaction volumes and sales value. Here’s a clearer, more detailed look at the significant numbers and financial data from this remarkable year.
Unprecedented Transaction Volumes and Values
Total Transactions: The year 2024 witnessed a staggering 180,900 property transactions, marking a 36% increase in volume from the previous year’s 133,100 sales.
Total Sales Value: These transactions were valued at approximately $142.4 billion, a 27% increase from the $112.2 billion recorded in 2023.
Primary Market Surge
Off-Plan Properties: The primary market saw a dramatic rise in demand for off-plan properties and new developments. First-time sales from developers climbed by 30%, reaching $91.1 billion.
Transaction Volume: This sector’s transaction volume surged by 51%, totaling 119,800 units, reflecting increased buyer confidence and developer activity.
Price Per Square Foot: The average price per square foot rose by 10% to $435.
Secondary Market Performance
Resale Transactions: The secondary market also remained strong, with resales totaling $51.2 billion, a 21% year-on-year increase.
Resale Volume: The transaction volume for resales rose by 14%, reaching 61,100 units.
This strong performance highlights a shift towards ready-to-move-in properties, with high rental yields appealing to investors.Firas Al Msaddi, CEO of fäm Properties, commented on the market’s resilience: >”Despite global economic uncertainties, transaction volumes have surged, reflecting the market’s resilience. With strong rental demand and a continued appetite for luxury, Dubai’s real estate sector is continuing to attract global investors, cementing its position as a top destination for real estate investment.”
Sector Growth
Apartments: Led the way with 141,168 units sold, worth $70.9 billion—a 42% increase compared to 2023.
Villas: Saw a 21.1% increase with 30,938 units sold, valued at $44.7 billion.
Commercial Properties: Experienced a 10.1% rise with 4,304 units worth $2.6 billion.
Plots: Sold 4,352 plots for $23.5 billion, marking a 2.6% rise.
Top Performers in Primary Market:
- Al Barsha South 4: 12,878 transactions worth $3.7 billion
- Business Bay: 6,888 transactions worth $5.7 billion
- Wadi Al Safa 5: 6,602 transactions worth $3.7 billion
- Madinat Al Mataar: 6,254 transactions worth $4.6 billion
- Hadaeq Sheikh Mohammed Bin Rashid: 5,246 transactions worth $3.6 billion
- Madinat Hind 4: 5,152 transactions worth $2.3 billion
- Madinat Dubai Almelaheyah: 4,818 transactions worth $3.5 billion
- Al Merkadh: 4,474 transactions worth $1.7 billion
- Jabal Ali 1: 4,335 transactions worth $1.8 billion
- Bukadra: 4,215 transactions worth $2.7 billion
Top Performers in Secondary Market:
- Business Bay: 5,142 resale transactions worth $2.7 billion
- Dubai Marina: 4,924 resale transactions worth $4.1 billion
- Al Barsha South Fourth: 4,635 transactions worth $1.9 billion
- Al Thanyah Fifth: 3,305 transactions worth $2.2 billion
- Al Merkadh: 3,155 transactions worth $2.3 billion
- Downtown Dubai: 3,122 transactions worth $3.5 billion
- Jabal Ali First: 2,364 transactions worth $1.4 billion
- Al Warsan First: 2,126 transactions worth $327 million
- Wadi Al Safa 5: 2,125 transactions worth $1.6 billion
- Hadaeq Sheikh Mohammed Bin Rashid: 2,106 transactions worth $2.7 billion
Looking Ahead
Whether in the primary or secondary market, Dubai’s real estate sector continues to demonstrate robust growth. As demand for luxury properties and investment-friendly opportunities remains high, the future of Dubai’s real estate market looks increasingly promising.
